Harley Kagen

Covid-19 forces 60% of brokers to rethink business outlook

Three fifths of commercial finance brokers (60%) think a substantial reassessment of their business outlook for 2020 is required, according to the latest United Trust Bank survey.

At the end of 2019, 37% of brokers thought their business would grow by more than 10% in 2020.

The survey revealed that most brokers hadn’t put plans in place to mitigate the impact of the coronavirus.

Out of the over 100 brokers questioned, 11% had no contingency plans and had no intention of making any.

47% of brokers said they were prepared to deal with staff shortages and 45% could manage short term financial implications.

Harley Kagen, group managing director at UTB (pictured above), believed, it was too early to tell how deeply coronavirus would impact trading for lenders and brokers.

“Although this is inevitably affecting our usual service, we are assisting our regular customers by lending across our property, asset and motor finance divisions, providing decisions on funding applications and completing loans daily.”

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